55 Marvel Rd - Multi-Family FOR SALE


New Haven, CT 06515- Westville
$1,800,000 USD
203-687-8227
55 Marvel Rd, New Haven, CT for Sale
$1,800,000 USD
Multi-Family - FOR SALE
1/34
null | Request Cap Rate

55 Marvel Rd
New Haven, CT 06515
Westville


HIGHLIGHTS

  • Amazing location, very desirable (current rents WAY below market)
  • Charming 1926 building with plenty of original craftsmanship & character
  • Options to rebuild as luxury condos, or to keep as mixed-income housing (potentially up to 16 units with 3-unit affordability set-aside)

OVERVIEW

Own a unique piece of New Haven History! This gorgeous jazz-age apartment building sits in the heart of the Westville neighborhood, 10 minutes from downtown New Haven & the Yale Main Campus. Features 9' ceilings, hardwood floors, lovely moldings & balusters. Most of the original craftsmanship remains, waiting to be brought back to full glory. Sit in the shaded courtyard or generous apartments and you can almost hear Billie Holiday singing "Night & Day" while Cole Porter taps along.... Grandfathered as-built in 1926, the building sits on a quiet, highly coveted mostly single-family residential block in an RS2 zone; it's like may never be built again. Based on apartment layouts, doors, windows, & moldings, it appears 10 apartments + superintendent unit were original design. Used as 11 units since at least the 1950s, the building is designated as 11 units with City of New Haven Livable Cities Initiative. LCI has regularly inspected & passed building for health & safety as 11 units. Certificate of Occupancy however was issued in 1926 for 8 units; buyers must do their diligence about bringing non-conforming units into compliance. 4 units will be empty at closing, ready for new owners to update to taste & re-rent (or sell, if condo redevelopment is preferred). 7 other tenants hope to stay, but understand that if so, rents will need to increase substantially. The empty 3rd floor features over 5000 sq ft of potentially developable space + some 4000 sq ft more in the lower level.

FOR SALE DETAILS

PRICE

$1,800,000 USD

PRICE/SF

$88 USD /SF

# OF UNITS

8

PRICE/UNIT

$225,000

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

55-57 Marvel

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

ADD'L SUBTYPES

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

RS2

APN/PARCEL ID

NHVN-000384-001103-000800

ASK ABOUT THIS PROPERTY

Rebecca WeinerBetsy Grauer RealtyMore Info
203-687-8227

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Rebecca WeinerBetsy Grauer RealtyMore Info
203-687-8227

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.